Veeco Instruments (NASDAQ:VECO) Shares Gap Up Following Analyst Upgrade

Veeco Instruments Inc. (NASDAQ:VECO) gapped up prior to trading on Thursday after Citigroup raised their price target on the stock from $36.00 to $40.00. The stock had previously closed at $28.46, but opened at $30.50. Citigroup currently has a buy rating on the stock. Veeco Instruments shares last traded at $28.6160, with a volume of 179,779 shares trading hands.

Other research analysts have also recently issued research reports about the stock. Needham & Company LLC reiterated a “hold” rating on shares of Veeco Instruments in a research note on Thursday. Weiss Ratings restated a “hold (c)” rating on shares of Veeco Instruments in a research note on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $28.17.

Insider Buying and Selling

In other Veeco Instruments news, CEO William John Miller sold 25,000 shares of the stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $32.00, for a total transaction of $800,000.00. Following the completion of the transaction, the chief executive officer owned 464,543 shares in the company, valued at approximately $14,865,376. This represents a 5.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Veeco Instruments

A number of large investors have recently bought and sold shares of VECO. Magnetar Financial LLC acquired a new stake in shares of Veeco Instruments in the fourth quarter valued at approximately $48,342,000. SG Capital Management LLC bought a new position in Veeco Instruments in the second quarter valued at $16,421,000. Federated Hermes Inc. grew its position in Veeco Instruments by 262.1% in the second quarter. Federated Hermes Inc. now owns 1,068,950 shares of the semiconductor company’s stock valued at $21,721,000 after purchasing an additional 773,763 shares in the last quarter. American Century Companies Inc. increased its stake in Veeco Instruments by 920.1% in the 3rd quarter. American Century Companies Inc. now owns 676,502 shares of the semiconductor company’s stock valued at $20,586,000 after buying an additional 610,187 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its position in Veeco Instruments by 37.4% during the 4th quarter. Fisher Asset Management LLC now owns 1,820,357 shares of the semiconductor company’s stock worth $52,026,000 after buying an additional 495,767 shares in the last quarter. Institutional investors and hedge funds own 98.46% of the company’s stock.

Veeco Instruments Stock Performance

The stock’s 50 day moving average price is $31.21 and its 200 day moving average price is $29.28. The company has a current ratio of 5.36, a quick ratio of 3.62 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of 51.80 and a beta of 1.19.

Veeco Instruments Company Profile

Veeco Instruments Inc (NASDAQ: VECO) is a leading supplier of process equipment for the semiconductor, data storage, wireless communications, power electronics and advanced packaging industries. The company designs, manufactures and services precision tools used to grow, deposit and etch thin films on substrates, enabling the fabrication of chips, light-emitting diodes (LEDs), micro-electromechanical systems (MEMS) and high-density storage devices. Veeco’s platforms are deployed across fabrication facilities worldwide, where they support key processes in materials science and device manufacturing.

Veeco’s product portfolio spans molecular beam epitaxy (MBE), metal organic chemical vapor deposition (MOCVD), atomic layer deposition (ALD), ion beam etch and deposition, and high-precision wet and dry etch systems.